Investing.com — U.S. stocks rise as investors await the outcome of debt ceiling talks.
As of 9:50 a.m. ET (13:50 GMT), the was up 229 points or 0.7%, while the was up 0.5% and the was up 0.8%.
Lawmakers appear poised to announce a framework for a deal, though an early-June debt ceiling deadline still looms as Congress pauses for Memorial Day weekend.
Deputy Treasury Secretary Wally Adeyemo said lawmakers were making progress in reaching a deal. Uncertainty weighed on stocks this week, with the S&P and Dow Jones on track for their worst week in about two months.
The S&P and Dow Jones are on course for their worst weekly performance in more than two months as debt ceiling talks drag on in Washington even as the June 1 deadline approaches.
The Commerce Department’s price index, considered the Federal Reserve’s preferred gauge of inflation, rose 0.4% in April, as expected. Excluding volatile food and energy, the price index rose 0.4% last month, beating expectations of 0.3%.
More and more futures traders are now predicting another quarter-percentage-point hike in interest rates by the
Federal Reserve
when it meets next week. Less than half of traders are planning a break.
Shares of Ford Motor Company (NYSE:) rose 6% after announcing that its electric vehicle owners would have access to Tesla’s superchargers in North America early next year.
Shares of casual wear retailer Gap Inc (NYSE:) rose 12% after posting a surprise profit for , while shares of Ulta Beauty (NASDAQ:) lost 9% after it cut its margin forecast operating for the year.
Chipmaker actions Marvell Technology Group Ltd (NASDAQ:) jumped 24% after predicting its revenue from artificial intelligence would double.
Rose oil. rose 1.2% to $72.72 a barrel, while they rose 0.9% to $76.99 a barrel. rose 0.3% to $1,949.
